IDEAS home Printed from https://ideas.repec.org/a/oup/cambje/v11y1987i3p197-210.html
   My bibliography  Save this article

The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence

Author

Listed:
  • Petrovic, Pavle

Abstract

Contrary to what is expected from indirect evidence and two-commodity hypothetical examples, the evdie nce provided in this paper supports David Ricardo's empirical proposi tion that relative prices of production are mainly determined by labo r-value ratios. The results obtained indicate that a 1 percent change in profit rate will cause relative prices to change up to 2 percent, and as the profit rate on gross capital is approximately 5 percent o ne ends up with a "90 percent labor theory of value." The empirical evidence refers to the Yugoslav economy, but the factors that determ ine the deviations considered turn out to be of the same order of mag nitude as in other economies. Copyright 1987 by Oxford University Press.

Suggested Citation

  • Petrovic, Pavle, 1987. "The Deviation of Production Prices from Labour Values: Some Methodology and Empirical Evidence," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 11(3), pages 197-210, September.
    • Handle: RePEc:oup:cambje:v:11:y:1987:i:3:p:197-210
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Oscar De Juan & Eladio Febrero, 2000. "Measuring Productivity from Vertically Integrated Sectors," Economic Systems Research, Taylor & Francis Journals, vol. 12(1), pages 65-82.
    2. Vaona, Andrea, 2015. "Price–price deviations are highly persistent," Structural Change and Economic Dynamics, Elsevier, vol. 33(C), pages 86-95.
    3. Cottrell, Allin & Cockshott, W. Paul, 2007. "Against Hayek," MPRA Paper 6062, University Library of Munich, Germany.
    4. Freeman, Alan, 1991. "National Accounts in Value Terms: The Social Wage and Profit Rate in Britain 1950-1986," MPRA Paper 52760, University Library of Munich, Germany, revised 05 Feb 1991.
    5. Cockshott, Paul & Zachariah, David, 2014. "Conservation laws, financial entropy and the Eurozone crisis," Economics - The Open-Access, Open-Assessment E-Journal (2007-2020), Kiel Institute for the World Economy (IfW Kiel), vol. 8, pages 1-55.
    6. Basu, Deepankar, 2015. "A Selective Review of Recent Quantitative Empirical Research in Marxist Political Economy," UMASS Amherst Economics Working Papers 2015-05, University of Massachusetts Amherst, Department of Economics.
    7. Lefteris Tsoulfidis & Dimitris Paitaridis, 2017. "Monetary Expressions of Labour Time and Market Prices: Theory and Evidence from China, Japan and Korea," Review of Political Economy, Taylor & Francis Journals, vol. 29(1), pages 111-132, January.
    8. Andrew Trigg, 2002. "Using Micro Data to Test the Divergence between Prices and Labour Values," International Review of Applied Economics, Taylor & Francis Journals, vol. 16(2), pages 169-186.
    9. Andrea Vaona, 2014. "A panel data approach to price–value correlations," Empirical Economics, Springer, vol. 47(1), pages 21-34, August.
    10. Andrea Vaona, 2012. "Price-price deviations are highly persistent - extended version," Working Papers 08/2012, University of Verona, Department of Economics.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:oup:cambje:v:11:y:1987:i:3:p:197-210. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Oxford University Press (email available below). General contact details of provider: https://academic.oup.com/cje .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.